OCEAN RIG UDW INC ANNOUNCES RECENT DEVELOPMENTS

NICOSIA, CYPRUS Ocean Rig UDW Inc. (NASDAQ:ORIG) (:Ocean Rig or the
Company), an international contractor of offshore deepwater drilling services, today
announced the following:

The Company has agreed to lend its parent company, DryShips Inc. (Dryships),
up to $120m of immediate liquidity through a short-term unsecured loan. The
proceeds will be used, if needed, to repay Dryships 5% Convertible Notes
maturing in Dec. 1, 2014.
The Company has declared its third consecutive quarterly cash dividend with
respect to the quarter ended September 30, 2014, of $0.19 per common share, to
shareholders of record as of October 31, 2014, and payable on or about
November 11, 2014.
Ocean Rig has been awarded extensions of the drilling contracts for its two ultra
deepwater drillships the Ocean Rig Corcovado and the Ocean Rig Mykonos by
Petrleo Brasileiro S.A. (Petrobras) for drilling offshore Brazil. The contracts
extensions are subject to partner approvals. The term of each extension is for
1,095 days with a total combined revenue backlog of over $1.1 billion, excluding
reimbursement by Petrobras for contract related equipment upgrades. The new
contracts will commence in direct continuation from the end of the current
agreements with Petrobras, in Q1 and Q2 of 2015.
The Company signed an amendment with Total E&P Angola to extend the date
by which Total E&P Angola should exercise the option to extend the term of the
contract for two additional one-year periods. The first option is now exercisable
until February 27, 2015 and the second option exercisable within one year after
the date of exercise of the first option.
George Economou, the Companys Chairman and Chief Executive Officer, commented:
We are delighted to announce another quarter of solid operational performance by Ocean
Rig, attributed mainly to the Companys the high utilization rate of approximately 98%. We
are also excited with the extension for the contracts for the Corcovado and the Mykonos
which brings Ocean Rigs total backlog to $5.5 billion, On the back of this solid backlog, the
Company also announced its third consecutive quarterly dividend payment of $0.19 per
share.
Petrobras contract extensions and TOTALs LOI extension for the Olympia is a positive sign
for the future prospects of the UDW market. We see various requirements from clients for
additional drilling programs in Angola. We believe that as oil companies are finalizing their
budgets for 2015, we will get a much clearer picture of the long term supply and demand
balance, which may be tighter than market expectations.

We do not believe that the current stock price of Ocean Rig reflects the true value of
company, which stock price has be adversely affected by the recent volatility of the oil price.
The loan from Ocean Rig to Dryships is just a backstop in case Dryships need more time to
execute on its various alternatives to refinance it Convertible Notes due December 1, 2014,
and will be repaid as soon as possible.
Ocean Rig with its high specification, pure play UDW fleet and solid balance sheet and
backlog is uniquely positioned amongst its clients. Ocean Rigs newbuilding program in 2016
and 2017 provides further growth into a market we believe in and its solid backlog supports
for dividends and other value creation initiatives, such as the MLP.
About Ocean Rig UDW Inc.:

Ocean Rig is an international offshore drilling contractor providing oilfield services for
offshore oil and gas exploration, development and production drilling, and specializing in the
ultra-deepwater and harsh-environment segment of the offshore drilling industry. Ocean Rig
owns and operates 13 offshore ultra deepwater drilling units, comprised of two ultra
deepwater semisubmersible drilling rigs and 11 ultra deepwater drillships, one of which is
scheduled to be delivered during 2015, one of which is scheduled to be delivered during 2016
and two of which are scheduled to be delivered during 2017.
Ocean Rigs common stock is listed on the NASDAQ Global Select Market where it trades
under the symbol ORIG.
Forward-Looking Statements:

This news release contains certain forward-looking information and statements. Forward-
looking statements relate to Ocean Rigs expectations, beliefs, intentions or strategies
regarding the future. These statements may be identified by the use of words like
anticipate, believe, estimate, expect, intend, may, plan, project, should,
seek, and similar expressions. Forward-looking statements reflect Ocean Rigs current
views and assumptions with respect to future events and are subject to risks and uncertainties.
The forward-looking statements in this release are based upon various assumptions, many of
which are based, in turn, upon further assumptions, including without limitation,
managements examination of historical operating trends, data contained in Ocean Rigs
records and other data available from third parties. Although Ocean Rig believes that these
assumptions were reasonable when made, because these assumptions are inherently subject to
significant uncertainties and contingencies that are difficult or impossible to predict and are
beyond Ocean Rigs control, Ocean Rig cannot assure you that it will achieve or accomplish
these expectations, beliefs or projections described in the forward- looking statements
contained herein. Actual and future results and trends could differ materially from those set
forth in such statements.
Important factors that, in Ocean Rigs view, could cause actual results to differ materially
from those discussed in the forward-looking statements include (i) factors related to the
MLPs ability to consummate its initial public offer; (ii) factors related to the offshore drilling
market, including supply and demand, utilization, day rates and customer drilling programs;
(iii) hazards inherent in the drilling industry and marine operations causing personal injury or
loss of life, severe damage to or destruction of property and equipment, pollution or
environmental damage, claims by third parties or customers and suspension of operations;
(iv) changes in laws and governmental regulations, particularly with respect to environmental

matters; (v) the availability of competing offshore drilling vessels; (vi) political and other
uncertainties, including risks of terrorist acts, war and civil disturbances, piracy, significant
governmental influence over many aspects of local economies, seizure, nationalization or
expropriation of property or equipmen, repudiation, nullification, modification or
renegotiation of contracts, limitations on insurance coverage, such as war risk coverage, in
certain areas, political unrest, foreign and U.S. monetary policy and foreign currency
fluctuations and devaluations, the inability to repatriate income or capital, complications
associated with repairing and replacing equipment in remote locations, import-export quotas,
wage and price controls or any other imposition of trade barrier,; regulatory or financial
requirements to comply with foreign bureaucratic actions, changing taxation policies, and
other forms of government regulation and economic conditions that are beyond our control;
(vii) the performance of the Companys drilling units; (viii) the Companys ability to procure
or have access to financing and comply with its loan covenants; (ix) the Companys ability to
successfully employ its drilling units; (x) the Companys capital expenditures, including the
timing and cost of completion of capital projects; and (xi) the Companys revenues and
expenses. Due to such uncertainties and risks, investors are cautioned not to place undue
reliance upon such forward-looking statements.
Risks and uncertainties are further described in reports filed by Ocean Rig UDW Inc. and
Ocean Rig Partners LP with the SEC.
Investor Relations / Media:
Nicolas Bornozis
Capital Link, Inc. (New York)
Tel. 212-661-7566
E-mail: oceanrig@capitallink.com